Investment bank Lazard has named Wassim Al-Khatib as the new CEO of its financial advisory arm in the Middle East and North Africa (MENA) region.

Al-Khatib has also been appointed as CEO of Lazard’s Saudi Arabian subsidiary.

Both the appointments are subject to regulatory approval.

Al-Khatib, who was earlier the CEO of Citigroup Saudi Arabia, will work from Riyadh, which will be Lazard’s regional investment banking centre for MENA.

Previously, Al-Khatib also worked as managing director and the head of investment banking at NCB Capital.

He has also been serving as the vice chairman of Saudi Arabia’s Capital Markets Authority’s arranging and advising committee since 2021.

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Al-Khatib’s appointment comes shortly after Lazard named Ronald Temple as its chief market strategist in December last year.

Lazard CEO financial advisory Peter Orszag said: “We are pleased to have Wassim join us as CEO of our MENA Investment Banking business.

“With his extensive experience and proven track record, Wassim will work alongside MENA Chair Sarah Al-Suhaimi in leading our Riyadh office to continued success and in expanding Lazard’s engagement with clients in the region.”

Currently, Lazard is said to have branches in 41 cities throughout 26 countries in North, Central and South America as well as Europe, Asia and Australia.

Lazard financial advisory business chair in MENA Sarah Al-Suhaimi said: “Wassim has played decisive roles advising on many important transactions in MENA.

“He is a talented and well-regarded professional and his appointment means that we now have ample capacity to service our clients in the region.”